If you own your own business, it’s absolutely imperative that you take a look at the types of business insurance available to you.
Running a business comes with a certain level of financial uncertainty and its own set of challenges and risks that can directly impact the personal finances of the owner.
As a business owner, if you want to protect and sustain your and your employees' livelihoods, it is essential that you manage these risks and prepare for potential challenges and unforeseen hardships.
Business insurance refers to any type of insurance coverage that protects a business from damages or losses that happen during the normal course of business.
The type of business that you run will determine the types of business insurance products that are most appropriate for you.
The purpose of business insurance is to ensure that you, your equipment, your employees, and members of the public who interact with you and your business are protected from all risks associated with your business and its operations.
This product protects the business from potential lawsuits that result from employees injuring themselves at work, while on duty.
Workmen’s compensation protects the owner’s finances by providing medical benefits, wage replacement and sometimes legal benefits.
The legal benefits of workmen’s compensation serve to assist employees should they be sued or involved in any form of litigation while at work.
According to South African labour law, an employee has the right to compensation should they die, become ill, injured or disabled.
This applies to part- and full-time employees but does not apply to:
This insurance protects professional individuals who work in high risk professions and include doctors, lawyers, accountants, notaries, pharmacists, real estate agents and consultants.
In the event that a dissatisfied client wants to press charges, professional liability insurance will protect the professional from debilitating legal claims.
Although there are many other types of business insurance products, these are some of the main types of business insurance that are available in South Africa. With so many products and options available, selecting the right business insurance for your business may be challenging.
However, our financial advisors provide professional assistance and advice to help you develop a comprehensive insurance plan to ensure every aspect of your business is adequately covered.
Business insurance is something that every business should have, no matter how big or small the business is.
For more information about our financial planning services, or if you need assistance with choosing the right business insurance in South Africa, please feel free to contact us for your business insurance needs.
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